Duquesne's big health gambit

Tue Jun 1, 2004

Stanley Druckenmiller does not like to tell
people - even his investors - too much about his investments.
This is a shame, as an analysis of recent Securities &
Exchange Commission regulatory filings by Duquesne Capital
Management suggests that the former Soros principal has some
pretty wild tales to tell.

Perhaps few would be as interesting as a recent big gambit
by Duquesne on scandal-ridden service provider Healthsouth. At
the start of the second quarter, Healthsouth was one of the
largest holdings in the Duquesne portfolio of more than 200
positions. In fact, Duquesne held a hefty 9.1 million shares,
worth $37.4 million, up from a 100,000-share stake at the start
of the year, according to regulatory filings.

It was a pretty brave bet. Although some analysts have put a
$12 target on the stock for when the Alabama-based company gets
its fiscal house in order, most institutional investors...

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